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Innovation 2.0 A Winning Strategy for Driving Growth A Policy Reset in Time of Fiscal Constraint Prepared for: Washington Economic Development Association Winter Legislative Conference February 15, 2011 Egils Milbergs Executive Director Washington Economic Development Commission

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slide1

Innovation 2.0

A Winning Strategy for Driving Growth

A Policy Reset in Time of Fiscal Constraint

Prepared for:

Washington Economic Development Association

Winter Legislative Conference

February 15, 2011

Egils Milbergs

Executive Director

Washington Economic Development Commission

www.wedc.wa.gov

1.1

WA Economic Development Commission

slide3

Sputnik Moments

2011

1985

1957

“this is our generations’

Sputnik moment”

President’s Commission on

Industrial Competitiveness

“one small ball in the air”

the world is changing not your father s economy
The World is Changing“not your father’s economy”

Innovation

Our Goal: Make Washington the most attractive, creative and fertile environment for innovation in the world by 2020

Washington Economic Development Commission

2010 new economy index overall scores
2010 New Economy Index Overall Scores
  • 26 indicators in five categories:
    • Knowledge Jobs
    • Globalization
    • Economic Dynamism
    • Digital Economy
    • Innovation Capacity

Source: ITIF

WA Economic Development Commission

soaring r d in china
Soaring R&D in China

Knowledge-based Competition China is now the world’s second largest economy

slide7

We are in tough hole ……..

Peak to trough job losses

1981-82:

2.9% of labor force

This time:

5.5% of labor force

WA Economic Development Commission

the great reset
The Great Reset

FROM

  • Public Sector Jobs
  • Shovel Ready
  • Expand Safety Net
  • Consumption
  • Debt
  • Competing Regions
  • Top-down macro strategies

TO

  • Private Sector Jobs
  • Innovation
  • Upgrading Skills
  • Investment
  • Exports
  • Collaborating Regions
  • Bottom-up cluster strategies

WA Economic Development Commission

wedc innovation strategy
WEDC Innovation Strategy

Public Impact

Business Performance

World Greatest Innovation Ecosystem

Talent &

Workforce

Investment &

Entrepreneurship

Infrastructure

innovation clusters matter
Innovation Clusters Matter
  • New industries and JOBS
  • Grow faster
  • Pay higher wages
  • More spin-off and start-up opportunities
  • Offset advantages of low wage competition
  • Attract talent and investment
  • Solve social, energy, environmental problems
  • Maintain defense and homeland security

WA Economic Development Commission

slide11

Global Health

Marine Technology

Medical Devices

Freight Mobility

Health Services

Nano

Photonics

Bio-Fuels

Defense Technology

Advanced

Manufacturing

Electric Car

Wine, Water

Environment Technology

Advanced

Materials

Value-Add

Food

Smart Grid

Clean Tech

Cloud Computing, Data Centers

WA Economic Development Commission

slide13

Major WA Military Installations

191,000 jobs

$12.2 billion in output

$10.5 billion in labor income

$5.2 billion in defense contracts

Whidbey Island Naval Air

Naval Station Everett

Naval Submarine Base Bangor

Spokane Fairchild AFB

US Coast Guard

      • Intelligence, Surveillance, and Recon
      • Special forces and special operations
      • Network-centric operations
      • Cyber security
      • Composite materials
  • Unmanned systems – both air and sea
  • Energy efficiency and alternatives
  • Health care for veterans

WA Nat’l Guard

Puget Sound Naval Shipyard

Joint Base Lewis McChord

Madigan Medical Center

US Army, YakimaUS Marine Corps

WA Economic Development Commission

slide16

Key Policy Strategies

Washington Economic Development Commission

talent new pathways for learning
TALENT: New Pathways for Learning
  • Protect training capacity for high demand occupations
  • Increase production of science & engineering and innovation graduates
  • Expand use of on-line education
  • Reduce K-12 drop-out rate
investment accelerate commercialization
INVESTMENT: Accelerate Commercialization
  • Compete aggressively for Federal R&D funds
  • Double recruitment of STARS and EIRs
  • Double start-ups by access to expertise and entrepreneurial capital
  • Make permanent R&D tax credit
  • Clean Energy Public-Private Partnership
infrastructure regulations
Infrastructure & Regulations
  • Expand local infrastructure financing tools (e.g. TIF)
  • Define infrastructure to include “intangible” capital
  • Build-out broadband(wired & wireless)
  • Create mechanism for self-financing of industry clusters
  • Reduce regulatory barriers and uncertainty
seize global markets
Seize Global Markets

Implement Governor’s export assistance initiative

Invest in freight mobility & infrastructure

Focus trade promotion on competitive clusters, not national markets

Improve foreign market intelligence and on-line tools

Washington Economic Development Commission

world s greatest innovation park collaboration across regional boundaries
World’s Greatest Innovation ParkCollaboration across regional boundaries
  • Provide operational funding for IPZs
  • Strengthen links with defense and mfg. sectors
  • Pursue Federal funding of regional innovation clusters
  • Create mechanism for self-financing of industry clusters
brand decade of innovation
Brand “Decade of Innovation”
  • Utilize media to promote how WA innovates
  • Leverage the 2012 World’s Fair Anniversary
  • Define metrics to track trends, inputs & outcomes
  • Launch innovation “X” Prize

The Next Fifty

innovation ecosystem is even bigger
Innovation ecosystem is even bigger….

PNWER Region (GDP/Pop.) State/Prov. GDP* Population

Wash. 311,270 6,468,424

Alberta 259,900 3,585,000

Oregon 158,233 3,790,060

B.C. 150,412 4,310,305

Idaho 51,149 1,523,816

Sask. 40,340 1,008,697

Alaska 44,517 686,293

Montana 34,253 967,440

Yukon 1,767 32,714

Total 1,051,841 22,372,731

*2007 population & GDP in $US Million

If Pacific Northwest Economic Region were a separate country, it would rank 13th in total GDP

setting priorities
Setting Priorities…..

Economic Development Programs

WA Economic Development Commission

slide25

Federal

  • Federal
  • Private Sector

WA Economic Development Commission

slide26

The risks inherent to starting a thriving enterprise in today’s troubled waters are immense, but the rewards have never been greater.

Washington Economic Development Commission